An amendment numbered 17 printed in House Report 111-370 to revise the exclusion for auto dealers under the Consumer Financial Protection Agency Act by clarifying what auto dealer activities are excepted.

1. Rewrites page 772, line 12 through page 773, line 22

   ReplacesPrinted page

   Removes page 772, line 12 through page 773, line 22 of the printed bill. See that page

   Inserted: (1) In general.--The Director and the Agency may not exercise any rulemaking, supervisory, enforcement, or any other authority, including authority to order assessments, over a motor vehicle dealer that is primarily engaged in the sale and servicing of motor vehicles, the leasing and servicing of motor vehicles, or both.

   Inserted: (2) Certain activities excepted.--Paragraph (1) shall not apply to--

   Inserted: (A) any motor vehicle dealer to the extent that such motor vehicle dealer engages in any financial activity other than extending credit or leasing exclusively for the purpose of enabling a consumer to purchase, lease, rent, repair, refurbish, maintain, or service a motor vehicle from that motor vehicle dealer; or

   Inserted: (B) any credit transaction involving a person who operates a line of business that involves the extension of retail credit or retail leases involving motor vehicles, and in which--

   Inserted: (i) the extension of retail credit or retail leases is provided directly to consumers; and

   Inserted: (ii) the contracts governing such extensions of retail credit or retail leases are not assigned to a third party finance or leasing source, except on a de minimis basis.

   Original wording

   Page 772, strike line 12 and all that follows through page 773, line 22, and insert the following:

Read automatically from the Congressional Record. Check the original before relying on it.

As printed